Rating the Cloud: Evolving Criteria for Data Center ABS

The market for securities backed by digital infrastructure has been predicted to grow by 46% by the end of 2026 to roughly $115 billion, with data centers currently accounting for 61% of the current $79 billion market for digital infrastructure securitizations. According to one forecast, up to 75% of data center refinancing is likely to come through ABS transactions. The ratings for data center ABS have been evolving, as rating agencies, sponsors and investors alike have attempted to fully understand the asset class, the market and the various fundamentals. 

In an article published in Capital Markets Intelligence’s Securitisation & Structured Finance Handbook 2026, Linklaters’ U.S. Structured Finance team breaks down how rating agency criteria for data center ABS are advancing, compares key methodologies across different agencies, and examines what risks and opportunities lie ahead for investors and sponsors in this rapidly developing asset class.